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| Iraq |
| Iraqi Central Bank orders banks to halt operations in Kurdistan |
| 2017-11-09 |
| [RUDAW.NET] The Central Bank of Iraq has called on all Iraqi banks in the country to halt their operations in the Kurdistan Region indefinitely. Any bank that disobeys will no longer receive foreign currency transfers from the central bank. The move is seen as part of the punitive measures taken by the government of Iraq against the Kurdistan Region in response to the vote for independence held on September 25 despite the opposition of Iraq, neighboring countries, and others including the United States. In an official letter dated November 7, a copy of which Rudaw has obtained, the Central Bank points to instructions from the Iraqi parliament sent on October 12 that stipulate the Central Bank must "not sell foreign currencies to the banks working in [Kurdistan] Region or those who have branches there." Banks were given one week to inform Iraq’s financial regulator of what steps they have taken to halt their operations in the Kurdistan Region if they want to continue to buy and sell foreign currencies with the Central Bank. It added that the measures will be in place until otherwise announced at a later date. Iraq has taken a number of punitive measures against the Kurdistan Region following the independence vote, including military operations and a ban on international flight to and from the Region. The Kurdistan Regional Government (KRG) has described such measures as "collective punishment." |
| Posted by:Fred |